Auditor Resignation in vadapalani - Filingpoint


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Filingpoint  team take auditor resignations seriously, especially when they happen mid-term. But the surprise element adds to the impact of such events. For instance, shares of Manpasand Beverages fell after Deloitte Haskins & Sells resigned saying the management failed to share crucial data with them. Similarly, share prices of Atlanta Limited fell after Price Waterhouse (PW) quit as auditors.

More than 30 audit firms have resigned from their midterm assignments this year compared to just 7 last year, as per Prime Database. The trend is a result of heightened scrutiny by regulatory authorities around corporate governance standards. Many companies are now parsing their client portfolios and weeding out risky clients.

MUMBAI: Amid rising concerns over the Adani Group's financial practices, the company's statutory auditors have resigned. Deloitte Haskins & sells has resigned as auditor for Adani Ports and SEZ, while MSKA & Associates has been appointed its new auditor. The move follows the US short seller's report on the group and the escalating feud with government officials over a project in Queensland.

Ideally, an auditor should resign via a formal letter on the company's letterhead and provide a copy of it to the board. Within 30 days of such casual vacancy, the board should convene and pass a resolution for appointment of a new auditor. A copy of the scanned resignation letter should also be duly filed with the Registrar through Form ADT-3. It's important that the new auditor is not the same as the outgoing one, as it would be difficult for him or her to trust the numbers and information provided by a company that was red-flagged by their predecessor.

Contact Filingpoint Auditor Resignation in Vadapalani +91 72999 72500

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